Bank of Nova Scotia Makes New Investment in Barrick Mining Corporation $B

Bank of Nova Scotia purchased a new stake in Barrick Mining Corporation (NYSE:B) (TSE:ABX) during the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 4,494,282 shares of the gold and copper producer’s stock, valued at approximately $93,538,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. PNC Financial Services Group Inc. raised its position in shares of Barrick Mining by 32.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 25,426 shares of the gold and copper producer’s stock worth $494,000 after buying an additional 6,228 shares during the period. Vanguard Group Inc. increased its stake in Barrick Mining by 0.7% during the first quarter. Vanguard Group Inc. now owns 68,861,295 shares of the gold and copper producer’s stock worth $1,337,012,000 after acquiring an additional 502,762 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Barrick Mining by 1.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,144,340 shares of the gold and copper producer’s stock worth $99,867,000 after purchasing an additional 70,623 shares during the period. Headlands Technologies LLC purchased a new position in shares of Barrick Mining in the 1st quarter worth about $342,000. Finally, Fiduciary Financial Group LLC acquired a new position in shares of Barrick Mining in the 2nd quarter valued at about $352,000. 90.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on B shares. National Bankshares raised shares of Barrick Mining to an “outperform” rating in a research report on Monday, September 22nd. Wall Street Zen lowered shares of Barrick Mining from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 1st. UBS Group raised their target price on shares of Barrick Mining from $39.00 to $47.00 and gave the company a “buy” rating in a research note on Monday, December 1st. BNP Paribas Exane raised shares of Barrick Mining from a “neutral” rating to an “outperform” rating and set a $50.00 price target for the company in a research report on Friday. Finally, Royal Bank Of Canada increased their price target on Barrick Mining from $38.00 to $40.00 and gave the company an “outperform” rating in a report on Monday, October 27th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Barrick Mining presently has an average rating of “Moderate Buy” and an average price target of $47.17.

Barrick Mining Trading Up 0.2%

NYSE B opened at $40.99 on Monday. The stock has a market cap of $69.17 billion, a P/E ratio of 19.80, a PEG ratio of 0.42 and a beta of 0.40. The company’s fifty day simple moving average is $35.33 and its 200-day simple moving average is $27.74. The company has a current ratio of 2.94, a quick ratio of 2.33 and a debt-to-equity ratio of 0.14. Barrick Mining Corporation has a 52 week low of $15.11 and a 52 week high of $43.08.

Barrick Mining (NYSE:B) (TSE:ABX) last released its quarterly earnings results on Monday, November 10th. The gold and copper producer reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.01. Barrick Mining had a net margin of 24.53% and a return on equity of 9.48%. The business had revenue of $4.19 billion during the quarter, compared to analyst estimates of $4.20 billion. During the same period last year, the business earned $0.09 EPS. The business’s revenue was up 23.2% on a year-over-year basis. Equities research analysts predict that Barrick Mining Corporation will post 1.47 EPS for the current fiscal year.

Barrick Mining Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be given a dividend of $0.175 per share. The ex-dividend date of this dividend is Friday, November 28th. This is a positive change from Barrick Mining’s previous quarterly dividend of $0.15. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.7%. Barrick Mining’s dividend payout ratio is presently 33.82%.

Barrick Mining Company Profile

Barrick Gold Corporation is a sector-leading gold and copper producer.  Its shares trade on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange under the symbol ABX.
 
In January 2019 Barrick merged with Randgold Resources and in July that year it combined its gold mines in Nevada, USA, with those of Newmont Corporation in a joint venture, Nevada Gold Mines, which is majority-owned and operated by Barrick.